Deutsche Bank to buy back billions of dollars of its own bonds
Deutsche Bank AG on Friday unveiled a multi-billion euro and dollar bond buyback program, confirming media reports from earlier this week. The bank said it is tendering for the purchase of up to 3 billion euros of euro-denominated bonds from five separate series, and up to $2 billion of dollar-denominated bonds from eight series. "The bank's strong liquidity position allows it to repurchase these securities without any corresponding change to its 2016 funding plan," the bank said in a statement. The news sent the bank's shares up 9% in premarket trade, and comes after heavy selling of its stocks and bonds this week on fears about the bank's financial strength. The selling was so intense that co-CEO John Cryan on Tuesday made a public statement reassuring investors that the bank was 'rock-solid'.
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